Glenn’s most recent column in Twin Cities Business Magazine addresses marketing to Millennials. Consider this a companion post that illustrates Millennials with some addition numbers.
1) Young People Are Worse-Off Economically Now Than They’ve Ever Been
Millennials are worse off economically compared to people their age (18-34 year-olds) in every decade since the 1980s, according to US Census Bureau data:
- 30.3% of Millennials are living with a householder parent.
- 19.% of Millennials fell below the poverty level during the past 12 months.
- 35% are unemployed.
See the rest of the numbers: Young Adults’ Socioeconomic Characteristics.
2) Millennials Scrimp & Save
Given their economic straits, it’s not surprising that Millennials are the thriftiest among all generations, according to a July 2014 Harris Interactive poll:
- 60% are reducing spending at eating out at restaurants, the same percentage as Gen Xers who say that.
- 55% are reducing entertainment spending, and, again, they are tied with Gen Xers in that category.
- 64% of Millennials, however, are saving and investing more money.
- That compares to only 45% of Xers, and 46% of Boomers who are doing the same.
See the rest of the numbers: Expected Spending Habits By Generation.
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3) Millennials Want To Partner With Brands
Millennials want to be active participants in brand activities, according to a survey of 10,000 global consumers by Havas Worldwide. Among the findings:
- 54% of Millennials said they liked it when brands invited consumers to partner though such activities as crowdsourcing or creating brand videos.
- 45% of Millennials believe they have the power to help a brand succeed or fail.
- In keeping with their thrifty nature, Millennials were the generation most likely to follow brands on social for the sole purpose of getting discounts or special deals: 50% of Millennials did that compared to 38% of Gen Xers and 23% of Boomers who did so.
See the rest of the numbers: Consumers’ Relationships With Brands.
4) Millennials Want Brand Experiences
Brands can earn Millennials’ loyalty by offering experiences in addition to products and services, according to an October 2014 survey of 1,034 consumers conducted by LoyaltyOne. Their findings hone in on loyalty perks:
- 84% of Millennials would shop more at a grocer that allowed them to redeem loyalty points for a consultation with a chef or nutritionist.
- 79% would shop more at an electronics dealer that offered a session with a stylist as a reward perk. Huh.
- 77% would shop more at an electronics dealer that offered a session with a technician or a software expert as a perk.
See the rest of the numbers: Millennials’ Attitudes Toward Rewards Experiences.
5) Devices Millennials Use
Millennials are the least likely among the generations to have watched TV or used a laptop/desktop computer during the past 24 hours but the most likely to have used a smartphone, according to a February 2015 survey of 1,018 adults by Millward Brown Digital:
- 77% of Millennials said they had watched television yesterday, compared to 91% of Boomers who did.
- 58% had used a laptop or desktop computer during the past 24 hours.
- 77% had used a smartphone during the past day.
- 30% had used a tablet in the past 24 hours.
See the rest of the numbers: Device Use By Generation.
6) Generation Stream
Millennials are the generation most likely to be watching most of their video content streamed online, according to a January 2015 survey of of 1,115 American adults by Irdeto:
- 40% of Millennials planned to watch most of their television, movies and sports content by 2020 through Internet TV services such as Netflix, Hulu Plus and Amazon Prime.
See the rest of the numbers: Americans’ Primary Video Viewing Sources In 2020.
7) Millennials’ Buzzworthy Brands
Given Millennials’ appetite for streamed content, it should come as little surprise that four of the top five most buzzworthy brands cited by Millennials offered streaming services, according to a 2014 YouGov survey. The buzzworthy brands:
See the rest of the numbers: Brand Buzz Among Millennials & Minorities.
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